Transfer of Ownership Solicitor Prices

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donotjudge
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Joined: 23 Feb 2021 20:57

Transfer of Ownership Solicitor Prices

Post by donotjudge »

Hi all, I have previously asked a question here, and now I have reached the solution I want. So, to summarize, my father owns land in cyprus, and we are both in the UK. No title deeds. The procedure will be to get 2 power of attorney's for the solicitor, one mine one my fathers, then to go to the land registry, retrieve the land information, and then transfer the land. Once solicitor gave me a price of 800EUR + 18% VAT. Another one gave me today 850EUR + disbursements (350EUR) + 18% VAT. I contacted 7-8 solicitors but need to get it sorted by this Friday. What are my options? Are these good prices for the job that needs to be done? Should I wait for the other ones and potentially lose time? I have to have it done by Friday as the POA's need to be signed at the consulate on Friday, and there is no other date available for a long time.

Please let me know your thoughts on this matter!
Nigel Howarth
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Re: Transfer of Ownership Solicitor Prices

Post by Nigel Howarth »

Hi donotjudge

€800 (+VAT) is not unreasonable. Presumably you had the PoAs drawn up by a lawyer in Cyprus?

One thing you may also need (as your father intends to transfer the land to you) is Council of Ministers approval to own the land. You will need this if you are not a Cypriot citizen. (The rules for Brits owning property in Cyprus changed following Brexit, and we are now considered to be third country nationals.)

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Nigel Howarth
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Pantheman
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Re: Transfer of Ownership Solicitor Prices

Post by Pantheman »

Further to what Nigel has said, how big is this land??

If it is greater than 4000m2 you may not be able to transfer it.

What are these disbursements? Getting a copy of the title is €10, TFs since it is a gift will be very low depending on the value of the land, so I can't see where he gets the 350E from.

Ensure that the Power you give is very specific to the task in hand and for nothing else.

What area are you in??

What Nationality are you??

Here is a reply by Nigel to another case similar to yours:

You can gift your property to your children - the Property Transfer Fees they will need to pay will be 0.1% of the property's 2013 Land Registry valuation. (This should be shown on your Title Deed. If not, you can find the valuation by following my guide Online property valuations revisited.)

You will need a lawyer to prepare a contract between yourself and your children. The signatures will need to be certified in the presence of a Cyprus Government appointed Certifying Officer. Assuming your children are in the UK, the document can be certified at the Cyprus High Commission in London or at one of their Honorary Consulates. They will also need to appoint your lawyer as their Power of Attorney.

As for a lawyer, the UK Foreign Commonwealth and Development Office publishes a list of English-speaking lawyers. I suggest you contact 2 or 3 in your local area and get competitive quotes.

You will need to pay any outstanding taxes - property tax, income tax and sewerage charges before the transfer of ownership to your children can take place.
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